Fuel prices to rise next week on high rates

CHINA may raise fuel prices next week due to rising global crude rates.

The 22-day moving average of Brent, Dubai and Cinta crude benchmarks was 4.3 percent last Friday, above the level when China last adjusted fuel prices in November, data from ICIS C1 Energy showed.

A rise or fall in the benchmarks of over 4 percent allows the government to adjust fuel prices.

C1 Energy expects the government to raise fuel prices by 360 yuan (US$57.7) per ton. China last adjusted fuel prices on November 16 when it cut gasoline and diesel prices by 310 yuan and 300 yuan per ton respectively, or around 3 percent.

In Shanghai, the ceiling retail price for the widely-used 93-octane gasoline is 7.75 yuan per liter and the price is set to rise to above 8 yuan.

But pump prices may not rise until after the Lantern Festival on Sunday.

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